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After the SFC published the circular and FAQs on the Manager-In-Charge of Core Functions (MIC) regime on 16 December 2016, and we issued our Deacons client alerts on 22 December 2016 and 26 January 2017, many clients have focussed on identifying who the MIC should be for each of the eight (or more if there’s more than one key business line) core functions.
There are however other things licensed companies need to do before submitting the MIC information to the SFC by 17 July 2017 and the following checklist should help firms get organised before the submission deadline.
The revised Supplement 8 and the new Supplement 8A were published in the Gazette today and should be available for downloading from the SFC’s website soon. The updated online portal forms were also published in the Gazette today. The new portal forms should be accessible on 18 April 2017 after the SFC’s system enhancement on 13 April 2017. For the purpose of submitting the MIC information, existing licensed companies should only submit the MIC information and organisational chart via the SFC online portal and should not use the paper forms.
As a reminder, the key dates for the implementation of the new regime are:
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